---
title: Opening a Foreigner Bank Account in South Korea
country: "south-korea"
service: "bank-account-opening-foreigner-pathways-arc-and-pre-arc-routes"
category: finance
difficulty: moderate
estimated_time: "30-60 minutes in branch (with ARC); minutes in-app for mobile-ARC at launch-cohort banks"
cost_range: "₩0 to open; ATM and remittance fees bank-specific"
last_verified: 2026-05-23
canonical: https://publicservices.guide/south-korea/bank-account-opening-foreigner-pathways-arc-and-pre-arc-routes/
status: current
confidence: low
tags:
  - banking
  - finance
  - "foreigner-account"
  - kyc
  - "first-month"
  - mandatory
sources:
  - https://www.bok.or.kr/eng/main/contents.do?menuNo=400191
  - https://www.fss.or.kr/eng/main/main.do
  - https://www.kofiu.go.kr/eng/regime/amlRegime.do
  - https://english.seoul.go.kr/service/living/convenience/1-banking/
  - https://omoney.kbstar.com/quics?page=C028077
  - https://omoney.kbstar.com/quics?page=C034893
  - https://bank.shinhan.com/en/index.jsp?cr=800200000000
  - https://www.kebhana.com/easyone_index_en.html
  - https://www.nonghyup.com/eng/main/engMain.do
  - https://www.korea.net/Government/Briefing-Room/Press-Releases/view?articleId=84215&type=N&insttCode=A260302
---

# Opening a Foreigner Bank Account in South Korea

**Country:** 🇰🇷 South Korea  
**Last verified:** 2026-05-23  
**Estimated time:** 30-60 minutes in branch (with ARC); minutes in-app for mobile-ARC at launch-cohort banks  
**Cost:** ₩0 to open; ATM and remittance fees bank-specific

## Required documents

- **Valid passport** *(여권 (Yeogwon — Passport))*
  - Required: Original, not a copy
  - Cost: Free
  - _Note:_ Spelling must match the bank application form exactly; carry the physical booklet, not a scan.
- **Residence Card (ARC) — physical or mobile** *(외국인등록증 (Oegug-in Deunglok Jeung — Residence Card / Alien Registration Card))*
  - Where to get: Korea Immigration Service (출입국·외국인정책본부) office; mobile variant via the Ministry of Justice Mobile ID app
  - Required: Physical card OR mobile residence card on a smartphone in the holder's name
  - Cost: Issued by Korea Immigration Service (KIS); 2-4 weeks after application
  - _Note:_ Mobile residence card accepted at the launch-cohort banks (Shinhan, Hana, iM, Busan, Jeonbuk and Jeju). KB Kookmin, Woori and NH NongHyup may still require the physical card — confirm at branch.
- **Korean mobile phone number** *(한국 휴대폰 번호 (Hanguk Hyudaepon Beonho — Korean Mobile Number))*
  - Required: Active Korean carrier line in the applicant's name
  - Cost: Carrier-specific
  - _Note:_ SMS one-time-password is the universal second factor at all four banks; without it, mobile and internet banking cannot be activated even after the account opens.
- **Proof of address in Korea** *(주소 증명서 (Juso Jeungmyeongseo — Proof of Address))*
  - Accepted: Rental contract, recent utility bill, or employer letter stating residence
  - Cost: Free (issued by landlord or employer)
  - _Note:_ Required under the Korea Financial Intelligence Unit (KoFIU) customer-due-diligence framework; banks confirm the applicant's address at account opening.

## Costs

- **Account opening — demand deposit (보통예금 — Botong Yegeum):** 0 KRW — Standard at KB Kookmin, Shinhan, Hana, and NH NongHyup foreigner walk-in account opening — no opening fee published on any of the four bank English pages reviewed.
- **KB Welcome Account opening (KB Kookmin):** 0 KRW — Demand-deposit product; no minimum balance is mentioned on the KB Welcome Account product page.
- **Bankbook issuance (통장 — Tongjang):** 0 KRW — Issued on the spot when the account opens; card-only, no-passbook variants are available on request.
- **Cash card / check card (체크카드 — Chekkadeu):** 0 KRW — Issued on the spot at account opening. Premium check-card variants carry separate annual fees — bank-specific, confirm at branch.
- **ATM withdrawal — own-network, prime hours:** 0 KRW — KB Welcome Account waives online and ATM transaction fees when salary deposits of ₩500,000 or more (or qualifying KB card usage) are met; other banks charge case-by-case.
- **ATM withdrawal — off-network:** 600–1200 KRW — Bank-specific range observed across operator commentary; published per-network fee not aggregated on any of the four bank English pages — confirm at the branch counter.

## Steps

### 1. Choose Your Bank and Branch

- KB Kookmin runs a Global Customer Center on 1599-4477 and operates eight specialised foreigner-customer branches, including the Wongok-dong Remittance Center, with Sunday hours at seven of them.
- Shinhan offers the SOL Global app in 16 languages and a general hotline on 1577-8000; Global Banking branches are listed on the bank's English Branch Locations page.
- Hana Bank offers the Hana EZ app in 16 languages and a Global and Foreign Customer Center on 1599-6111. The Itaewon branch in Seoul is operator-reported as expat-friendly.
- NH NongHyup provides interpretation service on 1588-2100, press 730 — useful for E-series and D-2 applicants outside Seoul.

> **Tip:** If you only need a salary and rent account, choose a bank close to your home or workplace — same-day issuance means the location matters more than the brand.

### 2. Gather Your Documents

- Valid passport (여권 — Yeogwon).
- Residence Card — physical card, or mobile residence card via the Mobile ID app for the launch-cohort banks.
- Korean mobile phone number — for SMS one-time-password during account activation.
- Proof of address — rental contract, recent utility bill, or employer letter.
- Visa-class extras: E-series — employment letter or first payslip; D-2 — certificate of enrollment; D-10 — passport plus visa, with Hana and Shinhan most accommodating before employment is secured.

> **If this fails:** Banks may refuse to issue a full account when the ARC application receipt is presented instead of the card itself. Hana also requires the Residence Card to have at least six months remaining for credit-card and full-feature account access.

### 3. Visit the Branch (or Open via App)

- In-branch: queue at a foreigner desk where available, present the document set, and complete the bilingual Korean and English application form.
- In-app at Shinhan or Hana: open SOL Global or Hana EZ, register the mobile residence card, and complete identity verification. The account opens in minutes.
- Mobile-ARC eligibility is currently limited to Shinhan, Hana, iM, Busan, Jeonbuk, and Jeju Bank — other banks need an in-person visit.

_Useful phrases:_
- "외국인 계좌를 개설하고 싶습니다." (oe-gu-gin gye-jwa-reul gae-seol-ha-go sip-seum-ni-da) — I would like to open a foreigner account. — use when At the bank counter or service desk

### 4. Complete the KYC and Customer-Due-Diligence Interview

- Confirm full passport-spelled name, date of birth, ARC number, nationality, address in Korea, employer or sponsor, phone number, and expected transaction profile.
- Designate the bank as your primary foreign-exchange bank if you plan to remit money abroad — this is required under the Foreign Exchange Transactions Act.
- Discuss source of funds — for retail applicants this is usually salary plus inbound remittance from home country; higher-balance customers may face deeper questions.

> **Tip:** Ask the officer at this stage for the daily restricted-account ceiling and the lift-trigger; new accounts default to between ₩1,000,000 and ₩3,000,000 per day in transfers and withdrawals.

### 5. Receive Your Bankbook and Card On-Site

- The bankbook (*통장* — Tongjang) and check card are handed over the same day.
- A foreigner-account variant — Foreigner Bankbook — is branded distinctly at most banks but procedurally similar to a domestic personal account.
- Pre-ARC applicants who opened a restricted account receive a bankbook and card with the daily caps applied; full features unlock once the Residence Card is presented at the branch.

> **If this fails:** Without a Korean mobile phone number on file, the bank can issue the bankbook and card but cannot activate mobile or internet banking — the SMS one-time-password channel is required at all four banks.

### 6. Activate Mobile Banking

- Install KB Star Banking, Shinhan SOL Global, Hana EZ, or NH Smart Banking and register the new account.
- Issue an *인증서* (Injeungseo — Digital Certificate) through the bank — needed for online banking access. The mobile-ARC stream uses a streamlined certificate or biometric flow within the app.
- Set up Apple Pay or Samsung Pay via the bank app while waiting for any premium card variant to arrive by post.

> **Tip:** Confirm the international-remittance fee schedule in the app before sending the first overseas transfer — KB Welcome Account offers 50% off exchange charges and overseas remittance fees on over-the-counter transactions.

## FAQ

### Can I open a Korean bank account before my ARC arrives?

Possibly, with bank-specific exceptions. Hana Bank and Shinhan Bank are operator-reported as the most accommodating to pre-ARC applicants on a passport-eligible basic account. The account opens in a restricted-account posture with daily transfer and withdrawal caps typically between ₩1,000,000 and ₩3,000,000 per day until the Residence Card is presented at the branch. KB Kookmin, Woori, and NH NongHyup may decline pre-ARC openings — confirm at branch. The Korea Financial Intelligence Unit customer-due-diligence framework drives the restricted-account ceiling.

### I have a mobile residence card on my phone — can I open an account without going to a branch?

At Shinhan, Hana, iM, Busan, Jeonbuk, and Jeju Bank, yes — since 21 March 2025. Install the bank's foreigner app (Shinhan SOL Global or Hana EZ), present the mobile residence card in-app via the Ministry of Justice Mobile ID app, and complete verification. The account opens in minutes. KB Kookmin, Woori, and NH NongHyup were not in the launch cohort, so a branch visit is still required there.

### How long does the ARC take after I apply?

Two to four weeks after application at the local Korea Immigration Service office. The application itself must be filed within 90 days of arrival on a long-stay visa. If you open a pre-ARC restricted account at Hana or Shinhan during this window, return to the branch with the issued card to lift the daily transfer and withdrawal caps.

### What is the difference between a Foreigner Account and a Non-Resident Account?

A Foreigner Account (*외국인 통장* — Oegug-in Tongjang — Foreigner Bankbook) is a resident-foreigner demand deposit (typically a 보통예금 — Botong Yegeum — Ordinary Savings) opened by a foreigner holding the Residence Card and staying six months or more. A Non-Resident Account (*비거주자 통장* — Bigeoju-ja Tongjang — Non-Resident Account) is for foreigners under six months or without long-stay status, and triggers Bank of Korea declaration rules above USD 20,000 in foreign-exchange transactions.

### My new account caps transfers at ₩1 million per day. How do I lift it?

This is the standard restricted-account posture for new accounts under the Korea Financial Intelligence Unit customer-due-diligence framework. To lift the cap, return to the branch with: a record of consistent salary deposits (typically one to three months), your Residence Card if not already on file, and documents proving the source of funds for higher transactions. The bank's compliance officer reviews and adjusts; the new ceiling is usually ₩5–10 million per day after verification.

### Do I need to designate a primary foreign-exchange bank?

Yes, for international remittances from a Korean account. At the time of the first foreign-exchange transaction, the bank requires the customer to designate it as the primary foreign-exchange bank under the Foreign Exchange Transactions Act framework. Designation can be changed later. Any foreigner remitting income earned in Korea, or a donation under USD 50,000 per year, must route the transaction through the designated bank.

### What is Shinhan SOL Global?

Shinhan Bank's English-platform mobile banking app for foreign customers. It supports 16 languages and opens accounts in minutes via the mobile residence card or a valid foreign ID. It is distinct from SOL Global Loan, a credit-loan product available to E-9, E-7, F-2, and F-5 visa holders with at least six months remaining on the visa and three months of salary deposited through Shinhan.

### What is Hana EZ?

Hana Bank's dedicated app for foreign customers, supporting 16 languages. It allows customer-identification registration and passport-number updates entirely in-app. Hana's Itaewon branch is operator-reported as the most expat-friendly walk-in location in Seoul.

### I am a D-10 job-seeker with no employment yet. Which bank should I use?

D-10 holders without employment have fewer document options. Hana Bank and Shinhan Bank are operator-reported as the most accommodating and often open passport-eligible restricted accounts. KB Kookmin's Welcome Account and Woori Bank's account pre-opening service are alternatives; confirm eligibility at the foreigner-customer branch.

## Sources

- [Bank of Korea (한국은행 — Hanguk Eunhaeng) — Payments and Transactions](https://www.bok.or.kr/eng/main/contents.do?menuNo=400191) — accessed 2026-05-23 — _T1_ — Payments for current transactions are freely permitted as long as documents certifying the reason for and amount of payment (evidential documents for payment) are submitted. Nonresidents who intend to sell banks foreign exchange over USD 20,000 without documentation as to acquisition must make declaration to the Bank of Korea. Permitted nonresident foreign-currency purchase is up to amounts previously sold or USD 10,000 (whichever is greater); exceeding limits requires Bank of Korea declaration.
- [Financial Supervisory Service (금융감독원 — Geumyung Gamdog Won)](https://www.fss.or.kr/eng/main/main.do) — accessed 2026-05-23 — _T1_ — The Financial Supervisory Service supervises commercial banks in Korea and publishes consumer-protection guidance, including the Financial Guide for Foreigners in Korea video series. FSS operates a foreigner consulting line at 1332-8 and provides complaint and dispute-resolution channels where a bank refuses to accommodate or imposes unfair restrictions.
- [Korea Financial Intelligence Unit (KoFIU) — Anti-Money-Laundering Regime](https://www.kofiu.go.kr/eng/regime/amlRegime.do) — accessed 2026-05-23 — _T1_ — Where a customer opens an account or makes a single financial transaction exceeding a certain amount of money (3 million won for a casino chip transaction; 1 million won for a virtual asset transfer; 1 million won for a wire transfer; USD 10,000 for a foreign exchange transaction; or 10 million won for other financial transactions), each financial institution must verify matters concerning the customer's identity and the beneficial owner. Any failure to report a Suspicious Transaction Report or Currency Transaction Report, to conduct customer-due-diligence, or to preserve records of anti-money-laundering obligations results in an administrative fine not exceeding 30 million won.
- [Seoul Metropolitan Government — Living in Seoul, Banking](https://english.seoul.go.kr/service/living/convenience/1-banking/) — accessed 2026-05-23 — _T1_ — A resident foreigner can open a bank account by simply visiting the bank in question. Required documents are the resident foreigner registration certificate and passport; the bankbook and cash card are received on-site. Banks operate Monday to Friday, 9:00 AM to 4:00 PM, and ATMs are accessible except between 10:00 PM and 8:00 AM. With a passport or residence card, foreigners can exchange foreign currency at local banks; non-residents can purchase up to USD 10,000 for travel expenses.
- [KB Kookmin Bank — KB Welcome Account product page](https://omoney.kbstar.com/quics?page=C028077) — accessed 2026-05-23 — _T1_ — The KB Welcome Account is open to foreign nationals and offers no online or ATM transaction fees when salary deposits of 500,000 won or higher, KB card usage, or overseas wire transfer conditions are met. It includes a 50% discount on exchange charges and overseas remittance fees (over-the-counter transactions only) and a 70% discount on exchange charges on foreign-currency deposits. A multilingual bankbook is available in English or Korean. The account is protected by the Korea Deposit Insurance Corporation up to 50 million won per depositor.
- [KB Kookmin Bank — Branches for Foreign Customers](https://omoney.kbstar.com/quics?page=C034893) — accessed 2026-05-23 — _T1_ — KB Kookmin Bank operates eight specialised branches for foreign customers with multilingual staff and Sunday hours, including the Wongok-dong Remittance Center (Weekdays 10:00–18:30 and Weekend 10:00–16:00) and seven Remittance Centers operating Sundays 10:00–16:00. The Global Customer Center is reachable at 1599-4477, Monday to Friday 09:00–18:00 except holidays. Services include overseas remittance, Western Union transfers and receipts, and currency exchange.
- [Shinhan Bank — Branch Locations and Hours (English)](https://bank.shinhan.com/en/index.jsp?cr=800200000000) — accessed 2026-05-23 — _T1_ — Shinhan Bank publishes its Global Banking and English-service branch locations on its English website. Shinhan operates the SOL Global app, an English-platform mobile banking app for foreign customers supporting 16 languages and account opening in minutes via mobile residence card or a valid foreign ID. The general customer hotline is 1577-8000.
- [Hana Bank — Easy-One landing (English)](https://www.kebhana.com/easyone_index_en.html) — accessed 2026-05-23 — _T1_ — Hana Bank operates the Hana EZ app for foreign customers, supporting 16 languages and allowing customer-identification registration and passport-number updates entirely in-app. The Global and Foreign Customer Center hotline is 1599-6111. Hana Bank is the current branding for the institution previously known as KEB Hana Bank following the post-2015 merger; current customer-facing materials use Hana Bank.
- [NH NongHyup Bank — English landing](https://www.nonghyup.com/eng/main/engMain.do) — accessed 2026-05-23 — _T1_ — NH NongHyup Bank publishes its English landing page with retail product information. The customer contact line is 1588-2100, with interpretation service available by pressing 730. NH Smart Banking is the mobile platform. NH NongHyup is one of five domestic systemically important commercial banks supervised by the Financial Supervisory Service.
- [Korea.net — Mobile Foreigner Residence Card Press Release](https://www.korea.net/Government/Briefing-Room/Press-Releases/view?articleId=84215&type=N&insttCode=A260302) — accessed 2026-05-23 — _T1_ — From 21 March 2025, foreign residents are able to open bank accounts and conduct financial transactions using their mobile foreigner residence cards from six domestic banks: Shinhan, Hana, iM, Busan, Jeonbuk, and Jeju. Under the revised Immigration Act, the mobile foreigner residence card is recognised as an equally valid form of ID as the original plastic ID card. A mobile foreigner residence card can be obtained if the foreigner with registered status is 14 years of age or older and owns a smartphone under his or her own name.

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Verification pending — see the canonical page for the latest trust state.
Canonical: https://publicservices.guide/south-korea/bank-account-opening-foreigner-pathways-arc-and-pre-arc-routes/